Action Movie FX is one of those iPhone apps that you need to stop reading about and, instead, start downloading immediately. The app, as the name implies, lets users apply Hollywood grade special effects to video that you record. And lest you think this app is some rinky dink effort from a third-rate development studio, note that it’s from Bad Robot Productions, a JJ Abrams venture that decided to get into the app making business. And in case you’re unfamiliar, Abrams is the brilliant mind behind Lost and the recent Star Trek remake.

Right now, the app is free to download and comes with two effects. The first is called Missile Attack and overlays video of an uber-realistic missile hitting a pre-determined target from your recorded video, complete with the subsequent explosion. The second is called Car Smash, an effect which puts in an out of control car flying through your video, enabling users to create a scene where they heroically duck out of the way just in time.

The above two effects are free but additional effects are available for purchase. These include Chopper Down, Tornado Action and Carpet Bomb.

As for requirements, the app runs on most iOS devices with a camera, including the iPhone 3GS, iPhone 4, iPhone 4S, iPad 2, and the 4th generation iPod Touch. Naturally, videos with the special effect can be sent to friends via Email or Facebook, or simply saved to your device.